U.Today – A new review of the (BTC) price by Peter Brandt has caused a whole wave of reactions in the cryptocurrency community. Thus, the legendary trader, who has been operating in the financial markets since the 1970s, noticed that for more than half a year, the price of the main cryptocurrency has been constantly recording lower highs. The recent one is the third on the list.
After reaching a new price high of around $74,000 in March, Bitcoin failed to break above that mark in the following months. Consecutive lower highs can be interpreted as a bearish trend. Based on this alone, we can expect that the Bitcoin price is unlikely to break above $69,000 in the near term.
This could significantly reduce the ultra-bullish sentiment of recent weeks and thus introduce an element of fear into the market, increasing the fragility of its price structure.
Interestingly, Brandt has faced a lot of criticism for his views on Bitcoin. For example, the trader has been accused of having changed his mind: while he was sharing rather optimistic forecasts a short time ago, today his criticism is already bearish.
Even Peter Schiff, a well-known Bitcoin critic, couldn’t resist asking Brandt if this means he’s no longer as bullish as when he warned that Bitcoin would outperform gold by a factor of 5. Since that post was published, BTC is down 4%, while gold is up 2%, the crypto skeptic noted.
This article was originally published on U.Today
